May corn was higher overnight as it extends the short covering rebound off Tuesday's low. The high-range trade overnight sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 3.89 3/4 are needed to temper the near-term bearish outlook. If May renews the decline off January's high, November's low crossing at 3.75 is the next downside target. First resistance is January's high crossing at 3.92 1/4. Second resistance is December's high crossing at 3.95. First support is Tuesday's low crossing at 3.77. Second support is November's low crossing at 3.75.

May wheat was steady to fractionally lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this month's decline, weekly support crossing at 4.69 3/4 is the next downside target. Closes above last-Wednesday's high crossing at 5.27 1/4 would confirm that a short-term low has been posted. First resistance is February's high crossing at 5.32 3/4. Second resistance is December's high crossing at 5.44 1/4. First support is Wednesday's low crossing at 4.79 3/4. Second support is weekly support crossing at 4.69 3/4.

May Kansas City Wheat closed up 5 1/4-cents at 4.63 1/4.

May Kansas City wheat posted an inside day with a higher close on Thursday as it consolidates some of this month's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. The mid-range close sets the stage for a steady to higher opening when Thursday night session begins trading. If May extends the aforementioned decline, weekly support crossing at 4.56 3/4 is the next downside target. Closes above the 20-day moving average crossing at 5.01 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.86 1/4. Second resistance is the 20-day moving average crossing at 5.01. First support is Wednesday's low crossing at 4.57 1/2. Second support is weekly support crossing at 4.56 3/4.

May Minneapolis wheat was higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above last-Thursday's high crossing at 5.77 1/4 are needed to confirm that a short-term low has been posted. If May extends this month's decline, weekly support crossing at 5.44 1/2 is the next downside target. First resistance is last-Thursday's high crossing at 5.77 1/4. Second resistance is January's high crossing at 5.83 3/4. First support is Wednesday's low crossing at 5.48. Second support is weekly support crossing at 5.44 1/2.

SOYBEAN COMPLEX?

May soybeans were steady to fractionally higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 9.34 1/4 would temper the near-term bearish outlook. If May extends the decline off February's high, January's low crossing at 9.04 3/4 is the next upside target. First resistance is February's high crossing at 9.45. Second resistance is December's high crossing at 9.53. First support is January's low crossing at 9.04 1/4. Second support is December's low crossing at 8.93 1/2.

May soybean meal was higher overnight. The mid-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 314.70 would temper the near-term bearish outlook. If May extends the decline off January's high, September's low crossing at 303.70 is the next downside target. First resistance is the reaction high crossing at 314.70. Second resistance is February's high crossing at 321.30. First support is Tuesday's low crossing at 306.60. Second support is September's low crossing at 303.70.

May soybean oil was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends this week's rally, February's high crossing at 31.32 is the next upside target. If May renews the decline off February's high, the 50-day moving average crossing at 29.50 is the next downside target. First resistance is February's high crossing at 31.32. Second resistance is the 50% retracement level of the 2017-2018 decline crossing at 32.02. First support is the reaction low crossing at 29.26. Second support is the 50-day moving average crossing at 29.50.